Adamas One Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1) Page 1

SCOTTSDALE, Ariz., Aug. 27, 2024 (GLOBE NEWSWIRE) — Adamas One Corp. (Nasdaq: JEWL) (“Adamas One”, “Adamas” or the “Company”), The Original Lab-Grown Diamond Company, a high-tech company that uses proprietary technology to produce high-quality, single-crystal, lab-grown diamonds for jewelry and diamond materials for industrial use, today announced that, as previously disclosed, the Company has scheduled a hearing for May 30, 2024 before a Nasdaq Hearings Panel (the “Panel”) regarding its plan to regain compliance with: (1) Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”); (2) Nasdaq Listing Rule 5250(f) (the “Fees Rule”); and (3) Nasdaq Listing Rule 5250(c)(1) (the “Filings Rule”). On June 7, 2024, the Company received a decision letter from the Panel of the Nasdaq Stock Market (“Nasdaq”). The Panel approved the Company’s application for continued listing on the Nasdaq Capital Market, subject to the following: 1) on or before July 29, 2024, the Company must resolve its filing arrears and demonstrate compliance with the Filings Rule; and 2) on or before August 30, 2024, the Company must demonstrate compliance with the Minimum Bid Price Rule by demonstrating a closing bid price of $1 or more per share for at least ten consecutive trading sessions.

On August 21, 2024, the Company received a letter from Nasdaq’s Listing Qualifications department informing the Company that, pursuant to the Filings Rule, the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2024. This form serves as a supplemental basis for delisting the Company’s securities from Nasdaq.

The Company intends to present a plan to return to compliance with the Filings Rule and to request continued listing of its common stock on Nasdaq pending such compliance. However, there can be no assurance that the Panel will grant the Company’s request or that the Company will ultimately return to compliance with all applicable requirements for continued listing on Nasdaq.

About Adamas One Corp.

Adamas is a lab-grown diamond manufacturer that produces near-flawless, single-crystal diamonds for gem and industrial applications at its facilities in Greenville, South Carolina. Adamas One was awarded the “Best Lab-Grown Diamond Manufacturer for 2023.” The Company holds 36 patents and uses its proprietary chemical vapor deposition (CVD) process to grow gem-sized and smaller diamond crystals. Adamas One lab-grown diamonds have the same physical, chemical and optical properties as mined diamonds. The Company’s controlled manufacturing processes enable it to produce ultra-high-purity, single-crystal colorless, near-colorless and fancy colored Type IIA diamonds suitable for a variety of industrial and gem applications. The Company plans to market and sell its diamonds into the wholesale jewelry and industrial markets. For more information about Adamas One Corp. and its award-winning lab-grown diamonds. For more information, visit us at www.adamasone.com.